Running a business requires cash flow. Sometimes, cash is needed quickly. Whether it’s for sudden expenses or cash flow gaps, a cash advance can help. A cash advance is easy to get quickly, often within 24 hours, and gives you more flexibility to manage your cash flow. But when does your business need a cash advance? Here are seven situations when a cash advance can provide much-needed cash. Unexpected Expenses Unexpected expenses can quickly deplete cash reserves or cash flow. From repairs to contracts, cash advances can help cover necessary expenses quickly. You have to factor in cash advances when budgeting for unexpected expenses. Some cash advance services also offer cash advances as part of their cash flow management plans. Make sure to get the cash advance details in writing, such as repayment terms, cash advance amounts, and cash advance fees. That way, you can plan your cash flow accordingly. And make sure to get cash advances from reputable cash advance services. Some signs of a reputable cash advance service include a straightforward process, cash advance fees outlined in writing, and cash advances with flexible repayment terms. If a cash advance service doesn’t meet these criteria, it’s best to look for cash advances elsewhere. Cash Flow Gap Sometimes, cash flow gaps can squeeze the cash flow of your business. You may have invoices that have not been paid or are delayed, which can create a cash flow crunch for your business. A cash advance can help you bridge the cash flow gap. You can use cash advances to cover cash flow gaps before your invoices are paid. This flexibility makes cash advances an attractive option for cash flow gaps. There’s no need to worry about repayment of the cash advance. Cash advance services will usually let you repay with your next invoice payment or cash flow injection so you can easily manage your cash flow. Growth Opportunities Your business may have an opportunity to expand or grow. But you might lack cash reserves or cash flow to do it. A cash advance can provide the cash quickly and help you take advantage of growth opportunities faster than traditional funding sources like loans. You can use a cash advance to purchase equipment or inventory, hire new employees, or even open a new location. You have to make sure to understand the repayment terms and plan accordingly. And if you need more cash in the future, you can always apply for another cash advance to help grow your business. Unlike traditional loans, cash advances are easy to obtain. Seasonal Peaks Businesses often experience seasonal peaks where their cash flow is higher during certain months or days. A cash advance can help you manage this seasonal peak by providing extra cash to cover expenses during these times. You must ensure that your business can repay the cash advance within the repayment window. Cash advances are usually flexible and will let you repay over some time so that you can plan your cash flow and budget accordingly. Commercial Contracts Businesses may need to pay for commercial contracts or other expenses upfront but need more cash reserves or cash flow. A cash advance can provide the cash needed and help businesses take advantage of larger commercial contracts quickly. You can repay the cash advance within a few months or longer, depending on the terms of the cash advance. Make sure to understand the repayment schedule beforehand and budget accordingly. That way, you can take advantage of commercial contracts without worrying about cash flow issues. Tax Payments Tax payments are due on a specific date, and businesses lacking enough cash flow may be unable to make their tax payment on time. A cash advance can help businesses pay their taxes on time and avoid potential penalties. You don’t have to worry about cash flow when you use a cash advance to pay your taxes. The cash advance will be repaid on the due date with no hassle. So if you need help with tax payments, a cash advance can help you pay your taxes on time. Starting a Business Starting a business can be expensive. From equipment to employee salaries, you’ll need cash to get your business up and to run. A cash advance can provide the cash you need quickly, so you don’t have to wait for traditional funding sources. You’ll get to use the cash right away and repay it with your next invoice payment or cash flow injection. It makes cash advances an excellent option for businesses that need access to working capital quickly without having to wait weeks or months. Final Thoughts With a cash advance, businesses can access quick cash to help them with everything from growth opportunities to tax payments. So feel free to use cash advances when you need help with your business finances. But be sure to do it wisely and understand the repayment terms before taking out a cash advance. That way, you can get the cash you need without worrying about potential risks. Building, Design and Construction Magazine | The Choice of Industry Professionals

THE POST-pandemic office needs to be people-centric with businesses creating the best environments for their teams to thrive, according to a panel of industry experts. Speaking at a roundtable discussion hosted by GT3 Architects, the group discussed ways in which their organisations are creating a positive working environment for their teams, and how the increasing demand for high-calibre individuals is establishing a renewed need to look at how the workplace functions. The panel agreed that flexibility and choice are key considerations for both current and prospective employees, as well as having a defined culture that is understood throughout all levels of the business. Michael Simpson, associate director and workplace consultant at GT3 Architects, said: “We can’t rely on data from the pandemic as working from home was enforced, so we’re just now beginning to see trends emerge through our work with businesses looking at their office space. “We’ve seen that people highly value flexibility, not just in terms of working from home versus the office, but also when and how they do that work. The strongest and clearest conclusion is that people want the choice – they don’t want to be told they can or can’t come in.” One underrated benefit of working from the office discussed by the panel, was the so-called “osmosis effect”, where team members share knowledge and experience simply by being around each other and overhearing conversations.  Adam Tarleton, head of construction and procurement at Macildowie Recruitment, said: “Being in the office is particularly beneficial for more junior members of the team, but we’re seeing a lot of candidates that list being able to work largely or exclusively from home as their top priority.  “While there are benefits to this, I think it is maybe a little lost on them that you learn so much just from sitting near other people, absorbing how they interact with each other and simply gaining a better understanding how the business works.” There was cross-panel consensus on the office being the best, and sometimes only, way to ensure effective collaboration and creative thinking, as working from home is often productive but also causes teams to work in silo.  James Garment, director at engineering consultancy Hexa, said: “There’s a bit of a fallacy that just because you’re working from home and ticking off everything on your to-do list, you’re being productive, but when you’re in the office having meetings and talking with the team, you’re not achieving as much as you would like. “The reality is that those in-person meetings and conversations are every bit as valuable as completing everything off your task list, so it’s about that balance and understanding that the perception of “being productive” can be a little bit skewed by traditional thinking.” The location of offices was also identified by the group as a key consideration for staff, with many businesses looking to migrate back into city centres following the pandemic. Mark Tomlinson, director at commercial property agent FHP, said: “The pandemic has made many businesses reevaluate their location. If you look at ten or fifteen years ago, the trend was heavily toward out-of-town business parks, but as people reduce the amount of time they spend in the office, they want their trips there to be as useful as possible. “It feeds into the discussion about flexibility and choice – people want that work-life balance and a city centre location is part of that as it means you can easily head out for lunch, visit the shops and do everything in one place.” Wrapping up the roundtable, Simpson talked about the future of the office, agreeing that there is huge value in location, but that amenities will also play a considerable part in attracting and retaining staff. He said: “We are finding that when we’re working with clients to rethink how their spaces will work, there is generally a shift towards the flexibility of space we discussed earlier, but also towards smaller spaces that are fitted out to a higher specification. “I believe we will get to a point where going into the office will be like going to a high-end hotel, with all the associated amenities you’d expect.” Liz Clarke, associate director and head of people at GT3 Architects, added: “The pandemic accelerated a shift in how businesses operate, and the dynamic between employer and employee has changed significantly because of this. This is massively impacting how businesses attract, retain, and ultimately support their staff, and the conversation around the table today has illustrated the importance of the workplace offering in creating a team that works.” The roundtable was chaired by Liz Cartwright (Cartwright Communications) and also featured: Neil Harrison (Arup), Jenny Keen (Marrons Planning), Alex Jones (Chord Consult), Tom Huffsmith (The Island Quarter), Jerry Major (Willmott Dixon) and Geoff Tindsley (EDGE). GT3 Architects puts it people at the forefront of its projects, with this roundtable event helping to facilitate deeper conversations to influence the design process. By bringing together local leaders and business owners, GT3 hopes to create an opportunity to learn and inspire a different way of working. To be part of the conversation, register your interest at info@gt3architects.com to be notified of the next roundtable event.  Building, Design & Construction Magazine | The Choice of Industry Professionals

Whether your company focuses on design, construction, or both, you may be looking for ways to improve. That can mean many different things, you might improve your revenue, your customer service, the quality of your products, or much more. Below are a few ways you can go about making these improvements. Identify Existing Problems Whatever your industry is, the first step in improvements is to identify any problems that you’re already aware of existing. This should go beyond your own assessment; you should try to survey staff and customers as well. The reason this is such an important first step is twofold. First, you don’t want to make the mistake of fixing something that is actually working fine. Second, you don’t want to neglect obvious problems in favor of rooting out more obscure ones. This latter action is also important, but it should only happen after obvious deficits are addressed. Additionally, there will always be problems, like an economic recession that you cannot control so identifying and fixing the ones you can should be a high priority. Tech Solutions for Your Fleet Fleet management can be a challenge for most construction companies. Whether it is keeping costs down, managing staff that may be temporary or dispersed geographically, staying on top of compliance, ensuring safety, staying on top of maintenance, or preventing theft and waste, there’s a lot that can go wrong in this critically important area. Tech solutions have gone a long way toward streamlining fleet operations and making it easier to track and manage issues in this department. When it comes to compliance, tachograph management can be an excellent solution. Among its other offerings are instant analysis, live tacho status and remote downloads, allowing you to ensure compliance with one streamlined system instead of trying to accomplish different tasks across several more complicated systems. Improving Productivity The great thing about looking to improve productivity in this industry is that you can work with very concrete measures of what constitutes being productive. Maybe it’s how quickly a section of roofing is installed or how precisely the initial estimated work time is followed. However, there are also challenges. It’s essential to follow construction site safety rules and above all else, safety has to trump productivity. The supply chain may be out of your control. Sometimes, the only solution is hiring more workers, and you may struggle to find the ones with the skills you need. Yet there are things within your control that you can focus on, such as advance planning that identifies the most logical and efficient order in which work needs to be done. You should also make sure that your workers are fully trained and have what they need to complete their work. Set Goals Think about where you want your company to be in a year, five years, and ten years. Make your goals specific and measurable. Think about what kind of profit you want to show in the year ahead and work backwards from there to accurately calculate expenses and better understand the bids you need to make in order to achieve that goal. It can be tempting to bid low in order to get certain jobs, but you will ultimately undercut your ability to work effectively and grow your business with this mindset. Building, Design & Construction Magazine | The Choice of Industry Professionals

Boosting efficiency offers benefits for business owners across all industries. If you run a construction firm, it’s advantageous to take steps to iron out inefficiencies, streamline processes and increase productivity. This guide highlights effective ways to build a more efficient construction company.  Review and update technology and machinery Technology is advancing at lightning speed, offering business owners new opportunities. It’s not always possible to invest in every innovation, but it is beneficial for company bosses to review and update technology periodically. New technology can enhance operations and improve performance while saving time and money. In some cases, upgrading tech can also help building companies to diversify services and gain a competitive advantage. Carry out annual audits and research developments. Identify opportunities that are relevant to your key business objectives and focus on cost-effective tech that will make a positive difference to your employees and your customers.  One essential aspect of tech updates is embracing construction budget software. This software ensures accurate financial planning by automating calculations, minimizing the risk of errors in budget estimates. Real-time updates and collaboration features facilitate instant access to the latest budget information, fostering effective communication among team members.  The software’s ability to track and monitor costs throughout the project lifecycle enhances decision-making by comparing actual costs against budgets and identifying areas for optimization. Moreover, construction budget software contributes to resource optimization by analysing historical data and project trends, leading to more efficient resource management. Work with other businesses Outsourcing and business partnerships have become increasingly commonplace in recent years. In industries like construction, where many workers are self-employed, workforces are more fluid and flexible and projects involve multiple components and teams, it’s beneficial to work with other businesses and recognise the potential benefits of outsourcing. Teaming up with other companies and hiring agencies that specialise in specific jobs or areas can optimise outcomes and increase efficiency. From hiring expert machinery movers and companies that provide portable toilets to working with designers and roofing and plumbing businesses, it’s often advantageous to create contact networks. Search for reputable agencies that have experience within the industry, read client reviews and testimonials and meet with representatives. Outsourcing offers an alternative to recruiting employees and it can help business owners to access skills they don’t have in-house and save time. If you’re looking to attract new customers and raise brand awareness, for example, you might want to consider outsourcing digital marketing. If you don’t have an accounts department or an IT team, outsourcing accounting and IT support is a good idea.  Use data and analytics Business owners have access to more data than ever before. Collecting and analysing data offers a raft of benefits for construction companies. Using analytics and feedback, you can monitor market trends and identify new opportunities and learn more about your customers and target clients. You can also use data to make decisions rather than acting on thoughts or impressions and you can highlight strengths and weaknesses. Another key benefit of analytics and data collection in the construction sector is highlighting transparency. In a society where reviews are increasingly influential, it’s crucial to be able to back up claims and deliver on promises. Accurate, up-to-date data enables company owners and project managers to analyse portfolios and projects continuously and provide customers and partners with facts and figures.  Construction budget software integrates data analytics to enhance project management. These tools analyse performance metrics such as budget adherence, cost overruns, and resource efficiency, providing valuable insights into project health. Utilizing historical data, the systems perform trend analysis, aiding in pattern identification and informed decision-making. The software facilitates cost variance analysis by comparing actual costs with budgeted amounts, highlighting areas for adjustment or cost-saving opportunities.  Resource optimization is achieved by analysing usage patterns across project phases, enhancing overall efficiency. Analytics capabilities also extend to risk assessment, identifying potential risks and supporting the development of mitigation strategies. Customizable reports and dashboards visualise key performance indicators and project status, fostering effective communication and decision-making. Increasing productivity Increasing productivity is closely linked to boosting efficiency. There are two key factors to consider when discussing the productivity of construction firms: the workforce and the role of machinery and technology. Investing in new technology and taking advantage of innovative, efficient machinery, systems, software and vehicles can make a huge difference to output and save a substantial amount of time and money. It’s also critical to invest time and effort into the workforce. Low morale can impact productivity, damage business reputation and increase the risks of delays and setbacks.  To encourage productivity within your team, it’s essential to recognise the importance of looking after employees and motivating them to give every job their all. Reward loyalty, set competitive rates and salaries, communicate with your team and try to encourage progression and development.  Establish clear objectives Confusion and a lack of clarity can contribute to inefficiency, mistakes and delays. If you run a business, you should establish clear company objectives and priorities and ensure that every member of staff is aware of business goals and targets. Outline individual objectives for each project and communicate openly with your team. Every member should be aware of their responsibilities as an individual worker and as part of the team. Issue instructions, double-check that everyone is aware of what they’re doing and update progress. Use software and project management tools to track performance and record updates and organise regular in-person or virtual meetings to bring different teams together.  Efficiency is key in the construction industry. Optimising efficiency can save time and money and help you provide a superior service for your customers. To build a more efficient construction company, it’s advantageous to review and update technology regularly, work with other businesses and agencies and use data and analytics. Take steps to increase productivity and establish clear objectives.  Building, Design & Construction Magazine | The Choice of Industry Professionals

Find more about virtual data room providers. How much does the best VDR cost? Keep your documents and files in the safest place and make use of the various features and pricing of each provider. Rules for choosing the best data room provider. Data Room Providers Compared in Terms of Features & Pricing What is VDR? A virtual data room is an Internet site usually set up for a specific term and for a specific purpose, that gives authorized users access to a secure database of documents, according to their access rights. Want to keep your personal files safe? Are you afraid that important company’s documents will be stolen? Or perhaps you do not trust one of your colleagues and want to prohibit viewing some secret information? Then try electronic software that guarantees safety of everything you want. No one will have access to the papers unless you allow it. Select your best provider and never worry about privacy.  Who Use the Data Room Software The virtual data room is definitely an indispensable invention. To whom? What can a virtual data room be used for and how? In almost any situation where a company needs to provide simultaneous access to confidential information to several people: Domestic businesses everywhere are striving for efficiency, constantly optimizing all processes within the company. This trend extends to corporate systems, technical upgrades, and ensuring a higher level of information security.  At the same time, every organization has a large proportion of office employees who are used to working “the old-fashioned way,” approving documents in printed form or by email.  Very often, especially in government organizations, employees work together with colleagues to coordinate documents on paper in meeting rooms, exposing the company to risks. So data rooms are very handy. Information security managers have different requirements. The security of such virtual environments is important and is ensured by well-designed technical characteristics. The functionality of modern virtual rooms allows moderate user actions inside the system and upload activity logs. Let’s find out what the best virtual dataroom providers are and how they differ from each other.  Best Data Room Price and Feature Comparison  Today, you can find many software technologies such as data room solutions on the market. They can vary in terms of features offered, price, level of customer support, etc. Below you can find three of the most widely used virtual data room solutions. You can use them in any business, regardless of their scale. Check the information below to make the right decision. DealRoom dataroom software is a handy tool that helps bring all project participants together in one controlled environment. VDR allows you to conduct due diligence in a fully secure environment. You can easily collaborate with third parties by granting access to certain documents. VDR allows you to work with the most available file formats and download them in unlimited quantities. A revolutionary feature of this data room provider is that it uses machine learning, which simplifies single-type tasks and reduces errors. It is the best way to simplify and speed up the workflow. The price of this software depends on many factors, so you need to determine your needs and contact the provider to find out how much it will cost you.  Want data room private equality? Then chose Clinked. It is a state-of-the-art cloud-based collaboration solution for any project. With it, you can bring all team members together in a single environment, monitor, log onboarding, collaborate with third parties, and more. It also offers JotForm integration, Google Workspace, and more. The Clinked client portal itself can be modified and tagged to suit your needs. The provider offers both a web version and downloads of the official mobile apps for Android and iOS. Clinked offers 4 pricing packages – Lite, Standard, Premium, and Enterprise. Price starts from $83- $836. Need the fastest software ever? SecureDocs online data room software provider is definitely for you. It is extremely user-friendly software with a nice design. Set up in less than 15 minutes. Data room pricing starts at $250 per month. The company has a fixed pricing model and offers a 14-day trial. How to Choose the Best Provider? So, if you do need virtual data rooms, it remains to determine how to choose a provider. At first glance, it is similar to choosing an Internet provider, so you can approach the procedure with the following criteria: Virtually all modern data room services, unlike public cloud storage, have two delivery options: hosted and on-premises, which allows you to use the solution and store data both at the service provider and within the organization. Of course, the second hosting option is more suitable for IT mature companies that are aware of the value of their data and the risks associated with its leakage. Using a secure VDR space together with invisible document labeling. Implementation of such a solution in a company will enable you to create a preventive effect and to identify the source in case of information leakage.